Yes, we are awake. Just because we drank champagne all night doesn't mean we aren't getting up at the butt-crack hour of 8:00 a.m. Guess we'll go wander around and see what's happening with HB 3. If someone that's all smart has got something to say about it, email it to me and save my hungover ass from having to figure out what it says and why it is so damn LOUD!
Actually reduces the tax rate to $1.23, but everything else is right. Craddick had given Ways & Means the rest of the week to work out a tax bill---took 'em about 30 minutes. The bill also gives Texas the highest sales tax in the nation, doesn't give businesses choice on their taxes (it was pick your poison back in the regular), and still needs a 2/3 approval to fund schools immediately. Supposed to be even worse than what was out in the regular session.
The new bill does need to give business a "pick your poison" choice. From a franchise tax standpoint, all this bill does is eliminate the Texas limited partnership planning that almost all business use to avoid the franchise tax. The "pick you poision" alternative was needed for business enitities (such as partnerships owned by natural persons) that have never been subject to the franchise tax.
Sorry, folks. Premature posting.
The first post from sstatetaxx should read:
"The new bill does not need to give business a "pick your poison" choice. From a franchise tax standpoint, all this bill does is eliminate the Texas limited partnership planning that almost all business use to avoid the franchise tax.
The "pick your poision" alternative was needed for business enitities (such as partnerships owned by natural persons) that have never been subject to the franchise tax.
Question of the day - Can this bill make it out of the House?
Premature posting. I hate when that happens.
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Smithee's sub to HB 3 passed. It reduces the property tax rate to $1.20, has no money for homestead exemptions, has a one-cent sales tax increase. Villarreal got dissed.